I've written a few times that the day of the huge enterprise HRMS solution is over. PeopleSoft, SAP... they just don't provide niche solutions that are as good as point solutions. So the recruiting tools in PS or SAP for example, don't compare to Virtual Edge, Recruitmax, or Taleo.
Then I think about the growth of talent suites. These suites are basically growing to encompass a large majority of HR functional requirements with the exception of core HR. Tese talent suites generally give employers the opportunity to double source vendors with one large talent suite and a core HRMS system.
However, Watson Wyatt's HR Technology Trends survey states that employers are more comfortable with multiple vendors than trying to get a vendor that does everything. The wonderful thing is that this is totally viable and possible with the good implementation of portal technologies.
Update on July 10, 2005:
Andrew wrote this about SAP eRecruit.